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ABN to strengthen India back-office operations

ABN to strengthen India back-office operations
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First Published: Thu, Mar 15 2007. 03 05 PM IST
Updated: Thu, Mar 15 2007. 03 05 PM IST
By Sumit Sharma/Bloomberg
Mumbai: ABN Amro, the largest Dutch bank, may hire as many as 2,000 more employees to provide global support services in India in the next 12 months, the firm’s global head of services, Lars Gustavsson said.
The additional manpower would be absorbed in new positions that would ultimately replace jobs slated for shedding in North America, Europe and the UK, Gustavsson said.
ABN Amro currently employs 4,000 back-office workers in six offices in Mumbai, Chennai and New Delhi, he added.
“India provides a much better financial value from hiring more such people,” Gustavsson said. The bank’s employees in India include financial analysts, data processors and customer service representatives.
ABN Amro joins other global banks and insurers including UBS AG, JPMorgan Chase & Co., Aviva Plc and Barclays Plc that are expanding global support services in the country, partly to reduce costs. A financial analyst in India costs about one-third to one-fourth as much as in a Western economy, said Paul Abraham, managing director of ABN’s global support unit in the country.
Standard Chartered Plc has 5,100 employees in India that serve its operations across 56 countries and plans to double the number in three years. Citigroup Inc. has 11,000 employees at its data-processing and call centre in India.
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First Published: Thu, Mar 15 2007. 03 05 PM IST
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